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This article leads off a special symposium comprised of a select group of public choice economists and political scientists that assembled to reflect on the important contribution that Arthur T. Denzau and Douglass C. North’s seminal piece on Shared Mental Models (1993) has made over the last quarter of a century. Relatedly, we apply concepts from Denzau and North’s Shared Mental Models to suggest...
A pandemic is not only a biological event and a public health disaster, but it also generates impacts that are worth understanding from economic, societal, historical, and cultural perspectives. In this contribution, we argue that as the disease spreads, we are able to harness a valuable key resource: people who have immunity to coronavirus. This vital resource must be effectively employed, it must...
Preferences and beliefs are more widely and systematically shared than might be predicted by a subjective, idiosyncratic view arising out of neoclassical economics. Two works were published twenty five years ago on just this question, contesting conceptions of belief acquisition: Denzau and North (1994) and Hinich and Munger (1994). Denzau and North argued that beliefs are simplified representations...
For more than two decades, outsourcing – the business practice of transferring jobs, knowledge, and technologies from high‐ to low‐cost countries – has been a leading public policy issue in the U.S. and other economies. Policymakers respond to public concerns over outsourcing in two ways. One, they craft an electoral message to attract voters, and two, they choose policy responses. Two competing ideologies...
Since the neoclassical revolution of the 1870s, reasoning and analysis in economic theory has been dominated by utility theory, in which: Action implies Outcome implies Utility. I describe three prominent and unexpected failures of this utilitarian framework to predict the replicable outcomes of experiments. First, in supply and demand experiments for non‐durables the predicted equilibrium obtains,...
Arthur Denzau and Douglass North’s paper “Shared Mental Models: Ideologies and Institutions” seeks to explain differences in economic performance across time and space recognizing that under conditions of uncertainty actors base their decisions “in part upon […] myths, dogmas, ideologies, and ‘half‐baked’ theories.” The model Denzau and North develop is firmly rooted in the orthodoxy of economics...
We investigate how the life satisfaction of migrants is affected by life satisfaction in their background country and in their new country of residence. In particular, we contribute to the literature by differentiating between first‐ and second‐generation immigrants and by differentiating between types of background country. Using data from the European Social Survey on 30,000 immigrants from 200...
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